
The gold Futures chart depicts a shift in the market sentiment with recent bearish signals. Price action has transitioned from an uptrend to a downtrend, accompanied by technical indicators.
This analysis provides insights into future price movements by examining key chart components such as MACD and volume changes.
The chart shows an uptrend from late August to early September, but recent patterns indicate a bearish reversal.
No strong reversal candlestick patterns like a bullish engulfing or hammer are evident.
The recent larger red candles suggest bearish sentiment, reinforced by failed attempts to break resistance.
The MACD line crossing below the Signal line indicates a bearish crossover.
The MACD histogram is negative and expanding, highlighting increasing bearish momentum.
No significant divergence between MACD and price, with both moving downward.
A notable increase in volume during the recent decline confirms the bearish move.
Higher volume on downward moves supports the bearish sentiment.
Heightened volume spikes suggest possible institutional selling or increased volatility.
The 3685 level, recently a support, now acts as resistance.
A key support is visible around the 3600 level, critical for future price action.
Monitor these levels for potential breakout or reversal signals.
Considering the bearish crossover and volume confirmation, a cautious trading approach is advised.
Traders may consider selling on rallies near resistance levels or entering short positions.
A bounce back above 3685 could invalidate bearish scenarios, so watch for lighter volume on rallies.
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Secured By SSL. Copyright © Seekapa. All rights reserved. 2024
Company Information: This website (www.seekapa.com.com/) is operated by Bluepine Ltd, a Seychelles investment firm, authorised and regulated by the Financial Services Authority of Seychelles with license number SD183. Bluepine Ltd is located at Suite 205, 2nd Floor, Waterside Property Limited, Eden Island, Seychelles
Risk warning: Contracts for difference (‘CFDs’) is a complex financial product, with speculative character, the trading of which involves significant risks of loss of capital. Trading CFDs, which is a marginal product, may result in the loss of your entire balance. Remember that leverage in CFDs can work both to your advantage and disadvantage. CFDs traders do not own, or have any rights to, the underlying assets. Trading CFDs is not appropriate for all investors. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk tolerance. You should not deposit more than you are prepared to lose. Please ensure you fully understand the risk associated with the product envisaged and seek independent advice, if necessary. Please read our Risk Disclosure document.
Regional Restrictions: Bluepine Ltd does not offer services within the European Economic Area as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.
Bluepine Ltd does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of any financial product. Bluepine Ltd is not a financial adviser.